Legal Marijuana Sales Predicted to Skyrocket

May 20, 2016 By SD editor

Ever since the legalization of the recreational use of marijuana in several states, cannabis sales have risen tremendously. Currently, Colorado, Alaska, Washington state, and Washington D.C have all jumped on the bandwagon of legalizing cannabis.

Although marijuana remains illegal at the federal level as a Schedule 1 controlled substance, sales in the industry continue to skyrocket.

Twenty-three states and the District of Columbia permit some form of cannabis for medical use. This number is expected to continue climbing rapidly. In the fall of this year, California voters will decide whether or not to legalize the recreational use of marijuana. If this occurs, the industry is expected to take off.

In 2015, the industry made $5.7 billion in sales. Analysts predict that in 2016, it will rise to $7.1 billion. According to some calculations, by the year 2020, sales will average $23 billion.

Due to the popularity of this industry, thousands of people are flocking to work in the cannabis business by cultivating, packaging and selling marijuana-based products. For now, many continue to dodge the legal ramifications of growing and selling marijuana in states that have yet to legalize it.